Search

Solar

Wednesday
28 Feb 2024

Engie raises $1 billion in tax equity financing for US renewables

28 Feb 2024  by reuters   

The logo of Engie is seen during the company's annual general shareholders meeting in Paris, France, April 26, 2023. REUTERS/Sarah Meyssonnier/File Photo Purchase Licensing Rights
French utility Engie (ENGIE.PA), opens new tab has secured more than $1 billion in tax equity financing from JPMorgan (JPM.N), opens new tab, Goldman Sachs (GS.N), opens new tab and BNP Paribas (BNPP.PA), opens new tab to fund six recently announced renewable projects in U.S. markets, the company said on Tuesday.

The markets are in the Electric Reliability Council of Texas (ERCOT), Midcontinent Independent System Operator (MISO) and Southwest Power Pool (SPP) with an aggregate capacity of 1.3 gigawatts (GW), including 950 megawatts (MW) of solar and 353 MW of wind.

Together the deals represent one of the largest tax equity financing agreements for Engie North America, the company's Houston-based unit.

It did not immediately respond to a request for comment.

Engie said on Thursday it took a 714 million euro ($774 million) impairment charge last year due to issues with onshore U.S. wind turbines and a fall in long-term energy prices in the Southwest Power Pool, which runs from Montana to New Mexico.

The company has more than 7 GW of renewable production in operation or under construction across in North America. Globally, it aims to add 4 GW per year through 2025, enough capacity to supply power to more than 3 million homes a year.

Keywords

More News

Loading……